Guideline Value for SRI SANKARA VELVAN NAGAR

Sri Sankara Velvan Nagar guideline value

The current guideline value of Sri Sankara Velvan Nagar is Rs 165 per sq.ft, effective from 1 July 2024. This area is located in Vazhuthigaimedu village and falls under the Thiruvottiyur SRO, classified as Residential Class I Type - I.

How the guideline value of Sri Sankara Velvan Nagar has changed

The guideline value for Sri Sankara Velvan Nagar has undergone several revisions over the years. The 2012 revision set the value at Rs 150 per sq.ft, which was then reduced to Rs 100 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 150 per sq.ft in the 2023 revision, and finally, it has been revised to Rs 165 per sq.ft in 2024, marking a 10% increase from the previous year.

In summary, from 2012 to 2017, there was a decrease of 33% in the guideline value. From 2017 to 2023, the value increased by 50%, and from 2023 to 2024, it saw an increase of 10%. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Vazhuthigaimedu

In Vazhuthigaimedu, four streets carry a guideline value of Rs 165 per sq.ft as per the 2024 revision, with Sri Sankara Velvan Nagar's value matching the median of Rs 165 per sq.ft. The other streets in Vazhuthigaimedu include:

• Prince Avenue: Rs 165 per sq.ft (2024)
• Kasturi Nagar: Rs 165 per sq.ft (2024)
• Arr City Sabarish Garden: Rs 165 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Sankara Velvan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 165 per sq.ft, the total guideline value would be Rs 1,65,000. The stamp duty at 7% would amount to Rs 11,550, and the registration fee at 2% would be Rs 3,300, bringing the total fees to Rs 14,850. It is essential to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Sankara Velvan Nagar?

The Sub Registrar Office that covers Sri Sankara Velvan Nagar is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Vazhuthigaimedu

The guideline value is a crucial factor when registering property transactions in Vazhuthigaimedu. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When you buy or sell property, the guideline value ensures that the transaction is recorded at a standard value, which helps in maintaining transparency in property dealings. It is important to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Sri Sankara Velvan Nagar?

The current guideline value of Sri Sankara Velvan Nagar is Rs 165 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 150 per sq.ft in 2012 to Rs 100 per sq.ft in 2017, then increased to Rs 150 per sq.ft in 2023, and finally to Rs 165 per sq.ft in 2024.

What are the other streets with the same guideline value in Vazhuthigaimedu?

Other streets in Vazhuthigaimedu with the same guideline value of Rs 165 per sq.ft include Prince Avenue, Kasturi Nagar, and Arr City Sabarish Garden.

Where is the Thiruvottiyur Sub Registrar Office located?

The Thiruvottiyur Sub Registrar Office is located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

How is the stamp duty calculated for properties in Sri Sankara Velvan Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property with a guideline value of Rs 1,65,000, the stamp duty would be Rs 11,550.